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EUR/JPY recovery capped at 125, slips below 5-DMA, short rallies
Euro / Japanese Yen
Short
EUR/JPY recovery capped at 125, slips below 5-DMA, short rallies
By FxWirePro
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Updated
Mar 1, 2016
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Cheer
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Feb 29, 2016
EUR/JPY recovery from multi-year lows at 122.45 (last seen in Apr 2013) was capped at 125 on Friday's trade.
The pair has slipped 5-DMA at 123.90, and finds next strong support at 123.20 (wedge base).
Doji formation evidenced on Friday's trade, pair unable to take recovery beyond the 125 handle.
Price action well below the cloud and major moving averages biased lower. Break below 123.20 could see test of 122.45 levels (Feb 24th lows).
Good to sell rallies around 123.60 levels, SL: 124.50, TP: 123/122.45
Resistance Levels:
R1: 123.90 (5-DMA)
R2: 124 (psychological level)
R3: 124.61 (Feb 24th highs)
Support Levels:
S1: 123.20 (Wedge base)
S2: 123 (psychological level, Feb 23rd low)
S3: 122.45 (Feb 24th lows)
Mar 1, 2016
Trade closed: target reached
EUR
EURJPY
jpy
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